MOSCOW (Reuters) – Russian Energy Minister Alexander Novak met his Saudi counterpart Khalid al-Falih in Oman on Saturday, where they both expressed satisfaction with the way oil market has been rebalancing, the Russian energy ministry said.

“The market sees the efforts are successful and reacts – the prices have almost reached $70 per barrel,” Novak told Falih, according to the ministry’s web site.

The Organization of the Petroleum Exporting Countries and other producers, including Russia, are cutting oil output by 1.8 million barrels per day under a pact running until the end of 2018.

Oman will host the joint ministerial monitoring committee, known as the JMMC, on Sunday.

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